Project, Contract & Procurement Seminars

Earned Value Management for Project Performance Measurement

Overview:

INTRODUCTION

The management of technical projects is becoming a challenge to professional engineers in an increasingly competitive marketplace in which effective project planning and control approaches in compliance with clients’ contractual requirements. Successful project managers demand that their projects meet technical objectives and be completed on schedule and within budget. To ensure success, an effective project control system must be designed, developed and implemented to provide management with timely and accurate information on deviations of cost and time parameters from the target objectives established during the planning cycle of the project.

Earned Value Management (EVM) is a project planning and control approach which provides cost and schedule performance measurements. It compares actual accomplishment of scheduled work and associated cost against an integrated schedule and budget plan. Its benefits include visibility into the true progress of the project work against the budget, projections of anticipated project schedule and cost trends and the ability to take timely corrective actions for undesired variances. EVM is considered to be one of the most powerful and productive concepts utilized in managing today’s complex projects in private, commercial or government environments.

PROGRAMME OBJECTIVES

Obtain knowledge in understanding and using an effective performance management system in managing technical projects effectively

Work with clients to define project objectives and develop a project plan and put it into action

Make project decisions concerning scope, cost and schedule parameters faster, more effectively and more confidently

Stay on top of schedules, budgets, workloads and human resources issues and delegate practically and fairly

Learn to avoid the pitfalls of project management by quickly identifying potential project risks and mitigate them as early as possible

PROGRAMME SUMMARY

This training session is designed for those who want to learn the principles of EVM used for project performance measurement, a proven method to evaluate project work progress in order to identify early potential schedule slippage and areas of budget overruns. It provides practical coverage of an accurate and realistic reflection of the integrated scope, cost and schedule parameters of a project to assist both contractors and client management in the decision-making process.

PROGRAMME OUTLINE

Introduction to Earned Value Management (EVM)

Management Criteria versus Engineering Criteria

Evolution of the Earned Value Management (EVM) Concept

The Cost/Schedule Control System Criteria (C/SCSC)

The EVM System Criteria

Performance Measurement- An Effective EVM Technique

EVM in Project Management

Scope the Project

Understanding the Project Work Scope

Work Breakdown Structure (WBS)

Make-or-Buy Choice

WBS and Earned Value

Plan and Schedule the Project

Understanding the Project Objective

Planning the Project

Scheduling the Project

Scheduling and Earned Value

Estimate and Budget Project Resources to Form Control Account Plans (CAPs)